Akebia Therapeutics chief medical officer Robert Shalwitz, left, and CEO Joseph Gardner. The company is based in Blue Ash. / Enquirer file photo

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A $41 million financing round into Blue Ash-based Akebia Therapeutics Inc. helped drive almost $95 million of venture capital investment into Ohio during the second quarter of 2013, new data show.

Akebia, which is working to develop and commercialize small molecules that treat anemia and cancer, led the Top 10 deals in the state during the quarter, according to the PwC/NVCA MoneyTree Report based on data from Thomson Reuters.

Indiana startups closed three deals worth $3.7 million in the quarter; Kentucky closed one deal for $2.3 million.

Chicago-based Satter Investment Management LLC led the Akebia investment, which was announced in June. The Series C funding round is significant not only for the company, but also potentially for the region, said PricewaterhouseCoopers director Brian Williams.

Akebia has now raised more than $80 million and its founders and investors have developed valuable experience through growing the company and raising significant outside sources of capital.

It said it will use the latest funding for ongoing development and Phase 2 testing for its lead clinical compound AKB-6548. Phase 2 testing focuses on effectiveness in combating a certain disease or condition, and can include up to 300 people, according to the U.S. Food and Drug Administration.

Akebia has said its Phase 2 studies will include patients who have anemia associated with chronic kidney disease. Those will help the company prepare AKB-6548 for Phase 3 testing, which involves testing on up to about 3,000 people and typically leads to regulatory approval if successful.

“It wouldn’t be surprising if, in the future, some of those executives say, ‘Hey, this was fun, this part of the journey is what I like the best, and so I’m going to go do it again,’ ” Williams said. “It’s a very positive sign, and hopefully an indicator of even more success in different ways.”

Nationally, $6.7 billion was invested into startups during the quarter. Out of the 913 deals, 325 worth $2.13 billion were into software companies, which have become an attractive play for venture capital firms since they can develop and exit more quickly than other sectors such as biotechnology, which attracted 103 investments worth $1.27 billion.

Technology companies are an important part of the region’s startup scene. CincyTech, the Downtown-based public-private investor, and The Brandery, the Over-the-Rhine consumer branding and marketing startup accelerator, both focus on scalable technology companies.

In a release, Mark Heesen, president of the National Venture Capital Association, said he expects information technology will keep attracting venture investment. Unlike the late 1990s, Heesen said he’s not concerned about a tech bubble.

Williams said a key difference between now and then is the ubiquity and democratization of technology, which is allowing companies to innovate around their business models, not just their products.

“Think of the proliferation in the U.S. market around smart phones. That’s really a gateway to all types of things. I can use my phone to do my banking, order my groceries, buy a book,” Williams said.

“And now there’s this convergence that we’ll start to see in the health care space with technology and using that mobile device and sensor technology as ways to drive access to care and adherence to care. You start to think about technology broadly as an enabler of business model innovation.”⬛

I will give you a new perspective on local executives and the region’s entrepreneurs – and why both matter to you. Find me at LinkedIn, Facebook and jpichler@enquirer.com